Atmos Energy Corp. (ATO) said Monday it has closed the sale of substantially all of its natural gas distribution assets in Georgia to Liberty Energy (Georgia) Corp., an affiliate of Algonquin Power & Utilities Corp. The deal included the transfer of about 64,000 residential and commercial meters.
Net cash proceeds for rate base and related working capital were about $155 million, subject to final purchase price adjustments. The proceeds will be redeployed to fund growth opportunities in the remaining jurisdictions the company serves.
Atmos Energy expects to record a net of tax gain on the sale of about $0.07 per diluted share, subject to final purchase price adjustments. For the three months ended December 31, 2012, these operations provided net income of about $0.03 per diluted share.
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